Today, innovations in information and communication technology are making it easier than ever to connect with people from all over the globe. We now have instant access to a vast online marketplace that has revolutionized the way we do business. While running an online store is incredibly convenient for you and your customers, it also leaves you susceptible to fraud. In order to do business online, you will need an online payment gateway, or virtual terminal, to keep your transactions safe.
A virtual terminal is the link merchants need to enter credit, debit and automated clearinghouse (ACH) payments online securely and efficiently through their own computer. A virtual terminal can be used to process card-based and ACH transactions from any computer with Internet access, anywhere in the world, enabling the merchant to securely handle the verification, reporting and processing of transactions.
Virtual terminals work much like when a customer submits an order through either a securely hosted payment form or through an integrated shopping cart. The customer’s credit card information is encrypted and the payment makes its way to the payment gateway, which forwards the information to the merchant’s bank processor. Next, the payment is processed through the card network and authorized by the customer’s issuing bank.
There are many benefits to having a virtual terminal, including enabling secure transmissions of customer data, receiving less chargebacks due to the transactions being verified, automatic PCI compliance, and the ability to accept all major card brands.
For more information on virtual terminals and how they could benefit your business, please visit the Payscout website, or call one of our specialists today at 1-888-689-6088.